Hey Gotraders,
Mr Elon Musk, CEO of Tesla (TSLA) - that guy āļø - is known for moving markets with his tweets. Earlier this week, he asked his followers on Twitter (TWTR) if he should sell 10% of his stock in order to pay his taxes. He promised to abide by the majority vote.
So, what has happened since then? Nearly 58% of his audience said yes. Mind you, he has over 63 million followers. Thatās a whole lot of people who support him selling his shares. Tesla shares closed down 11.99% yesterday itself, the single biggest day decline this year. Shares are down 16% this week, which translates to a $50 billion loss for Mr Musk. But guess what, he is still richer than Jeff Bezos.
Is he the only one who has offloaded or sold his Tesla shares? The answer to that question is no. Current and former board members have also sold their shares since Oct 28th. This includes Chairman of the Board Robyn Denholm,Ā Elon Muskās brother Kimbal Musk,Ā Ira Ehrenpreis, and Antonio Gracias. The only difference is they werenāt as vocal about it as Mr Musk.
So, is this a cause for concern? Not at all. Despite all the internal offloading of shares, analysts are still bullish on Tesla. Massively, massively bullish. š¤©
Jefferies revised up its price target for TeslaĀ from $950 to $1,400 on Monday.
āWithout dismissing execution risk, Tesla is getting to a position where it can balance affordability and speed, goals which are as important as profitability in Elon Muskās visionā - Analyst Philippe Houchois.
Tesla is 10 years ahead of the industry and is in a āleague of their ownā - Pierre Ferragu, New Street Research.
Cathie Wood believes that Tesla stock will reach $3,000.
Shares of Tesla closed at $1,023.50 yesterday.
š Meme stock AMC is down over 11% ā¬
Meme stock AMC (AMC) reported earnings and guess what? They reported a narrower-than-expected loss on earnings, and a better-than-expected revenue figure. Despite that, the stock closed down over 11%. The stock initially popped after the earnings report but started reversing as investors learned of the challenges ahead.
āWe wish to emphasize that no one should have any illusions that there is not more challenge ahead of us still to be met. The virus continues to be with us, we need to sell more tickets in future quarters than we did in the most recent quarter, and adjusted EBITDA is still well below pre-pandemic levelsā - CEO Adam Aron.
AMC was a meme stock that skyrocketed nearly 1,900% this year alone. Crazy right?
Shares closed at $39.93, down 11.38% for the day.
š General Electric will be split up š¤
General Electric (GE) will be splitting up its company into 3 separate divisions - healthcare, energy & power, and aviation. This split is intended to happen by 2024.
Why are they splitting the company up? Well, it seems like the company hasnāt managed their money well, and they hope to provide better returns for investors, and more accountability by having 3 focused divisions.
āIt will be the end of an era for GE, which used to be the most valuable company in the world. But years of wasteful spending on acquisitions and the implosion of GE Capital during the financial crisis hit the industrial conglomerate hard.ā
Shares of General Electric closed at $111.29, up 2.65% for the day.
Top movers & shakersĀ š¢
What else is making headline newsĀ š°
Pfizer (PFE) and BioNTech (BNTX) seek FDA authorization for Covid-19 vaccine booster for all adults.
Tim Cook says he owns cryptocurrency and heās been āinterested in it for a whileā.
Peloton (PTON) unveils Guide, a strength training program that connects to your TV.
Roblox (RBLX) soars as it reports that revenue doubled in third quarter.
Zynga (ZNGA) CEO on its blockchain gaming division and navigating the advertising crisis.
Airbnb (ABNB) CEO Brian Chesky discusses the future of work and the one thing heād do over.
Robinhood (HOOD) says millions of customer names and email addresses taken in data breach.
Palantir (PLTR) reports 36% revenue growth, projects strong finish to year.
DoorDash (DASH) stock rockets on deal to acquire international delivery platform Wolt for $8.1 billion.
Google (GOOG) loses antitrust battle with EU as court upholds 2017 order to pay $2.8 billion fine.
Popular companies releasing earnings this weekĀ š°.
Wednesday: Disney (DIS), Affirm (AFRM), SoFi (SOFI), Opendoor (OPEN), Bumble (BMBL), Beyond Meat (BYND), Fiverr (FVRR), Duolingo (DUOL), TaskUs (TASK), Wendy's (WEN), Wish (WISH), Payoneer (PAYO), The Honest Co (HNST), Tattooed Chef (TTCF), and many more..
Thursday: Coupang (CPNG), ArcelorMittal (MT), Coach (TPR), Wix.com (WIX), Weibo (WB), Manchester United (MANU), Nano Dimension (NNDM), and many more..
Friday: AstraZeneca (AZN), Li Auto (LI), Vipshop (VIPS), F45 Training (FXLV), and many more..
A companyās market value may fluctuate considerably around the time that the earnings report is expected to be published. Stock prices may rise or fall according to analysts' speculative estimates, released prior to the actual earnings announcement.
The earnings season can be a time of great opportunity since better-than-expected figures could cause a companyās stock to greatly increase in value. Worse-than-expected results could have the opposite effect.
Thatās all from us for now.Ā
Signing out,
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The legal stuffĀ š¤
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